Emerging Markets Stock Fund

Class - N

OVERVIEW

Fund Objective


The Fund seeks to maximize capital appreciation.

Sub-Adviser Background


NS Partners Ltd. (“NS Partners”), was founded in 1988. NS Partners is an investment manager based in London, England providing investment management services to pension funds, foundations, mutual funds and insurance companies around the world.

Tickers & Cusips


Ticker DNEMX
Cusip 265458653
Share Class N-Shares
Fund Code 109

Fund Information


Dividend Frequency Annual*
Capital Gains Paid December*
Fund Inception 12/10/2004
FISCAL Year-End October
* If applicable

Minimum Investments


There is no minimum initial investment on a per Fund basis for Class N shares. However, the minimum initial investment in Class N shares of the Dunham Funds, on an aggregate basis, is $100,000 for taxable accounts and $50,000 for tax-deferred accounts ("MIN"). The MIN can be waived if the investor has, in the opinion of the Adviser, adequate intent and availability of assets to reach a future level of investment among the Funds that is equal to or greater than the MIN. The MIN can also be waived by the Adviser for shareholders investing through a wrap program or similar arrangement. There is no minimum subsequent investment amount for Class N shares. If a Class N shareholder's investment in the Dunham Funds falls below the MIN for reasons other than depreciation of the investment, the investor may receive a notice from the Adviser and will be given a reasonable amount of time to cure the deficiency. If the deficiency is not cured within such time, the Adviser reserves the right to convert the account to Class A shares (on a load waived basis) or take other appropriate measures.

PRICE/PERFORMANCE

Price & YTD Total Return (5/23/2024)


Net Asset Value (NAV): NAV Change: NAV Percentage Change:
$14.00 ($0.05) -0.36 %
Net Asset Value (NAV): $14.00
NAV Change: ($0.05)
NAV Percentage Change: -0.36 %
YTD Return at NAV:
7.12 %
YTD Return at NAV: 7.12 %

Performance Inception Date (As of 12/10/2004)


Most recent
month-end (as of 4/30/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 8.32 % -8.83 % 1.18 % 1.60 % 4.08 %
Average Annual
Total Return (as of 3/31/2024)
1 Yr 3 Yr 5 Yr 10 Yrs Since
Inception
Fund Performance 5.93 % -8.34 % 1.66 % 1.65 % 4.12 %
Most recent
month-end (as of 4/30/2024)
Fund
Performance
1 Yr 8.32 %
3 Yr -8.83 %
5 Yr 1.18 %
10 Yrs 1.60 %
Since Inception 4.08 %
Average Annual Total Return
(as of 3/31/2024)
Fund
Performance
1 Yr 5.93 %
3 Yr -8.34 %
5 Yr 1.66 %
10 Yrs 1.65 %
Since Inception 4.12 %
Per prospectus dated 3/1/2024
Expense Ratio: 1.17 %
Per prospectus dated 3/1/2024
Expense Ratio:
1.17 %

Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Distribution


Date $/Share Type
12/27/2023 $0.11 Dividend
12/28/2022 $0.03 Dividend
12/29/2021 $0.25 Distribution
12/29/2021 $1.11 Short-Term Capital Gain
12/29/2021 $0.23 Long-Term Capital Gain
12/30/2020 $0.03 Dividend
12/27/2019 $0.13 Dividend
12/27/2018 $0.25 Dividend
12/27/2017 $0.16 Dividend
12/28/2016 $0.24 Dividend
12/29/2015 $0.08 Dividend
12/29/2014 $0.19 Dividend
12/29/2009 $0.28 Dividend
12/29/2008 $0.11 Long-Term Capital Gain
12/27/2007 $0.93 Short-Term Capital Gain
12/27/2007 $3.58 Long-Term Capital Gain
12/27/2007 $0.14 Dividend

Year-End Distribution


Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.

HOLDINGS

Top 10 Holdings (As of 4/30/2024)


Security % of Net Assets
Taiwan Semiconductor Manufactt 9.52 %
Samsung Electronics 5.84 %
Tencent Holdings Limited 4.37 %
Varun Beverages Ltd. 2.86 %
Max Healthcare Institute Ltd. 2.67 %
Trip.com Group Ltd. 2.45 %
Bharti Airtel Ltd 2.34 %
Hynix Semiconductor Inc 2.19 %
PetroChina Co., LTD 2.10 %
HDFC Bank Ltd. 2.06 %

Fund Country Allocation (As of 4/30/2024)


China (22.11%)
India (19.14%)
Taiwan (18.28%)
Korea (15.21%)
Indonesia (3.42%)
Brazil (3.3%)
Cash (3.02%)
Thailand (2.82%)
Hong Kong (2.11%)
Poland (2.09%)
Greece (1.89%)
Mexico (1.59%)
Malaysia (1.35%)
South Africa (1.16%)
Philippines (1.07%)
Vietnam (0.9%)
Qatar (0.41%)
Foreign Exchange Contracts (0.13%)
Russian Federation (0%)

Investors should consider the investment objectives, risk factors, charges, and expenses of the Dunham Funds carefully before investing. This and other important information is contained in the Dunham Funds’ summary prospectus and/or prospectus, which may be obtained by contacting your financial advisor, or by calling toll free (800) 442‐4358. Please read prospectus materials carefully before investing or sending money. Investing involves risk, including possible loss of principal.

Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.

Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.

Emerging Markets Risk - Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect securities holders. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

Foreign Investing Risk - Investments in foreign countries are subject to currency risk and country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability, and policies that have the effect of decreasing the value of foreign securities. Foreign countries may be subject to different trading settlement practices, less government supervision, less publicly available information, limited trading markets and greater volatility than U.S. investments.

Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.

Risks of Investing in Asia - The value of the Fund’s assets may be adversely affected by political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of countries within the Asian region (including countries in which the Fund invests, as well as the broader region); international relations with other nations; natural disasters; corruption and military activity. The Asian region, and particularly China, Japan and South Korea, may be adversely affected by political, military, economic and other factors related to North Korea. In addition, China’s long-running conflict over Taiwan, border disputes with many of its neighbors and historically strained relations with Japan could adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed countries in many respects, such as rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability, the national balance of payments position and sensitivity to changes in global trade. Deflationary factors could also reemerge in certain Asian markets, the potential effects of which are difficult to forecast. While certain Asian governments will have the ability to offset deflationary conditions through fiscal or budgetary measures, others will lack the capacity to do so. Certain Asian countries are highly dependent upon and may be affected by developments in the United States, Europe and other Asian economies. Global economic conditions, and international trade, affecting Asian economies and companies could deteriorate as a result of political instability and uncertainty, and politically motivated actions, in the United States and Europe, as well as increased tensions with certain nations such as Russia.

Information Technology Sector Risk - Investments in technology companies exposed to special risks, such as rapid advances in technology that might cause existing products to become obsolete. Companies in a number of technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.

Currency Risk - Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments denominated in a foreign currency or may widen existing losses. Exchange rate movements are volatile and it may not be possible to effectively hedge the currency risks of many countries.

Natural Disaster / Endemic Risk - Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics (such as the novel coronavirus), have been and can be highly disruptive to economies and markets.

Liquidity Risk - Some securities may have few market-makers and low trading volume, which tend to increase transaction costs and may make it impossible for the Fund to dispose of a security position at all or at a price which represents current or fair market value.

Management Risk - The Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.

Securities Lending Risk - The risk of securities lending is that the financial institution that borrows securities from the Fund could go bankrupt or otherwise default on its commitment under the securities lending agreement and the Fund might not be able to recover the loaned securities or their value.